The Abu Dhabi Department of Economic Development (ADDED) and Shandong Province, People's Republic of China, have signed a Memorandum of Understanding to enhance cooperation, exchange expertise and data on an industrial sector front. The signing comes as the two sides work towards further boosting bilateral investment opportunities, and to affirm Abu Dhabi’s unique market attributes.
H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, and Mr. Wang Xiao, Deputy Director General of the Department of Industry and Information Technology in Shandong Province, People's Republic of China, virtually signed the MoU.
The agreement aims to establish a mechanism for exchanging information to enhance industrial cooperation and facilitate delegation visits and investor meetings. In addition, the MoU seeks to organise training progrmmes on entrepreneurship and management consultancy between companies on both sides.
H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “This MoU with Shandong Province, People's Republic of China, is part of our efforts to strengthen relations with Abu Dhabi’s major trade partners; China is one of our largest partners in non-oil trade, particularly in industrial materials. It also reflects our plans to enhance the development of the manufacturing sector and to keep pace with Industry 4.0, which is one of the strategic objectives of Abu Dhabi economy.”
During 2021, the issuance of new industrial sector licenses increased by 17% compared to 2020, with the establishment of new factories having grown by 15%, which is testament to the efficient and evolved policies and incentives landscape guided by Abu Dhabi and ADDED.
Mr. Khaled Banizama, Acting Executive Director of Industrial Development Bureau, part of ADDED, said: “Abu Dhabi has been focusing on facilitating, encouraging and providing smart assistance and at times, funding to strategic businesses, and to actively support global firms and entrepreneurs as they seek to establish and scale up their activities here”.
“The Abu Dhabi government is forging ahead with its active diversification roadmap, and as such is actively engaging with countries and cities bearing specialized firms and transfer technology from heavy-wight industrial players, including capital-intensive industries such as petrochemicals, pharmaceuticals and life sciences, technology, logistics or SME manufacturing which towards mutually beneficial and sustainable business outcomes and projects,” Mr. Banizama added.
Abu Dhabi has built a robust yet accommodating infrastructure to support sustained and innovative investing, even in the face of the pandemic. Besides reducing business set-up and renewal requirements and fees, the ease of doing business environment in Abu Dhabi is a reflection of the strength of the partnership between the government and international private sectors players.